SERCAP's Certified CDFI Loan Fund Program Assists Low-income Single Woman in Rockingham County, Virginia!
Recently, SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund assisted a low-income single woman in Rockingham County, VA, to have a new well drilled at her home. The client had been experiencing difficulties with her existing well, due to tree roots which had grown into the cistern tank, causing significant damage. Despite having the well pumped and the interior of the well completely redone, the well continued leaking, leaving her without adequate and reliable access to potable water in her home. However, due to the client’s low-income status, she was unable to afford the full cost of drilling a new well on her own, without causing serious financial hardship.
Fortunately, SERCAP was able to step-in and provide financial assistance, through a low-interest (1%), affordable loan in the amount of $11,000.00, covering 63.8% of the cost of drilling the new well. Additionally, SERCAP’s Loan Fund set-up an affordable monthly payment for the client, further reducing the potential for financial hardship. Now, she once again has reliable access to clean, safe drinking water in her home.
Without SERCAP’s Loan Fund Program, and other similar services, many low-income families and communities would be forced to go without such necessities as reliable access to clean drinking water, indoor plumbing, safe and affordable housing, community development and infrastructure needs, water/wastewater infrastructure solutions, and more. It is important to remember that even in the US in the 21st Century; there are those who do not have reliable access to clean, safe drinking water, environmentally sound septic facilities, and affordable housing. In order to help SERCAP continue to provide assistance to both the individuals and communities in need, please consider making a donation to SERCAP’s Water Life! Fund!
*Funding for SERCAP’s Certified CDFI Loan Fund is primarily made possible by USDA Rural Development, and SERCAP’s own Agency Revolving Loan Fund. Additionally, all of SERCAP’s programs in Virginia, are leveraged by a Budget Appropriation granted to SERCAP by the Virginia General Assembly, and administered by the Virginia Department of Housing and Community Development (DHCD).